AUGUST 1933 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 13 NUMBER 8 EXPLANATORY The Survey of Current Business is designed to present new data added, may be found on page 56 of this issue. each month the available statistical measurements of Earlier data for the new series, if published, may be economic activity, together with the necessary analyt- found on the indicated pages of the monthly numbers. ical comment, which will enable readers to obtain a Since the reduction in printing funds mates it comprehensive picture of the business situation. Cer- impossible to publish the 1933 Annual Supplement, tain of the more important series are presented in subscribers may find it convenient to keep the March graphic form so that the trend of the major indicators 1933 issue posted up to date with the latest revisions can be readily determined. In order to get the monthly and to fill in any 1932 data which were missing at the statistics to subscribers more quickly, and to bring the time of publication. They will thus have a complete material up to date with current weekly statistics, a 1932 record in this one issue. 4-page supplement is furnished each week as part of the Monthly data prior to 1923 will be found in the early threefold service of the Survey. Libraries should note issues of the Survey and, in the Record Book of Business that all of the statistics presented in the weekly supple- Statistics, data on textiles, metals and machinery, ment are not republished in the monthly numbers. It fuels, automobiles, and rubber are carried back to 1909 is important, therefore, that these supplements be on a monthly basis, where available. These record preserved and bound with the monthly issues if the books should not be used for data later than 1922, and entire record is to be complete. the monthly data should be checked against the annual Over 2,100 series of data, gathered from more than 200 averages given in the 1932 Annual Supplement to assure organizations, are presented regularly each month. the continuity of the series and to obtain any necessary Most of the statistics are not compiled by the Survey, corrections. The three parts of the Record Book may but represent a careful selection of material available be obtained from the Superintendent of Documents, from all sources. The chief function of this publication Government Printing Office, Washington, D.C., for 10 is to bring together in usable form the statistics which, cents each, or 30 cents for the set. if published at all, are scattered in hundreds of different publications and reports, and to aid in the proper INDEX NUMBERS analysis and interpretation of the figures. The Survey To facilitate comparisons of the movement of impor- of Current Business compiles the indexes of domestic tant series over a period of time, index numbers have and world stocks, new and unfilled orders, agricultural, been used in numerous instances throughout the livestock, and forest-products marketings, foreign trade, Survey. In brief, these index numbers simply express 5- and 10-cent store sales, and department store sales by the current movement with relation to a fixed base— districts. usually the monthly average of the years 1923-25. SOURCES OF DATA The construction of these index numbers is described in brief in the annual supplement. The sources and inclusiveness of the data in the table "Monthly Business Statistics" will be found either in SEASONAL ADJUSTMENT OF INDEXES the explanatory footnotes covering each series in the Seasonal variations are found in most economic 1932 Annual Supplement to the Survey, or on the indi- series for which monthly statistics are obtainable. cated pages of the monthly issues. These latter refer Consumption and production of commodities, foreign to new material added since the 1932 Annual Supple- trade, retail trade, employment, construction, railroad ment was published. The data given in these footnotes freight traffic, and many other types of data are marked should always be kept in mind when utilizing the by seasonal swings repeated with minor variations year statistics carried in each monthly number. Sources of after year. These are definitely periodic in character the weekly statistics are given on page 20 of the July within a 12-month period. In cases where an adjust- 1932 issue of the Survey, and in somewhat more detail ment is noted for a series carried in the Survey, the on page 4 of the August 4, 1932, issue of the Weekly index has been corrected for the number of working or Supplement to the Survey. business days in the various months, and then adjusted HISTORICAL DATA for seasonal variation. The index figures thereby become comparable throughout the series. In the 1932 Annual Supplement to the Survey of Current Business, the statistical series presented cur- METHODS OF USE rently are carried back on a monthly basis to 1923, and Methods of using and interpreting current business on a yearly basis to 1913, where available. The statis- statistics have been collected by the Department of tics therein have been carefully reviewed and revised and Commerce from many business concerns and are supersede those carried in the 1931 Annual Supplement described in a booklet entitled "How to Use Current as well as those in the semiannual numbers issued prior Business Statistics," together with methods of col- to 1931. The December issue contained the first major lecting statistics. Sales copies of this publication are revision of material since the 1932 supplement was no longer available. Copies may be consulted in Gov- issued. A list of the series dropped, as well as of the ernment depository libraries. Volume 13 AUGUST 1933 Number 8 WEEKLY DATA THROUGH JULY 22, 1933 MONTHLY DATA THROUGH JUNE SURVEY OF CURRENT BUSINESS PUBLISHED BY UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON CONTENTS SUMMARIES AND CHARTS STATISTICAL DATA—Continued Page Monthly business statistics: Page Business indicators 2 Business indexes 22 Business situation summarized 3 Commodity prices 23 Comparison of principal data, 1929 to 1933 4 Construction and real estate 24 Commodity prices , 5 Domestic trade 25 Domestic trade 6 Employment conditions and wages 27 Employment. 7 Finance 30 Finance 8 Foreign trade 34 Foreign trade 9 Transportation and communications 34 Real estate and construction 10 Statistics on individual industries: Transportation 11 Chemicals and allied products 36 Survey of individual industries: Electric power and gas 38 Automobiles and rubber 12 Foodstuffs and tobacco 39 Chemicals 13 Fuels and by-products 42 Farm and food products 14 Leather and products 43 Forest products 15 Lumber and manufactures 44 Iron and steel 16 Metals and manufactures: Textiles « 17 Iron and steel 45 Machinery and apparatus 47 STATISTICAL DATA Nonferrous metals and products 48 New and revised series: Paper and printing 49 Purchasing power of the dollar 18 Rubber and products 50 Electrical goods, new orders; fire extinguishers, shipments; new Stone, clay, and glass products 51 passenger car registrations; wheat flour, consumption and pro- duction; passengers carried on electric street railways; Massa- Textile products 52 chusetts, employment and wages 19 Transportation equipment 54 Reconstruction Finance Corporation, loans outstanding; build- Canadian statistics 55 ing costs, American Appraisal Company 20 Index of revisions made in December 1932 and June 1933 issues 56 Weekly business statistics 21 General index Inside back cover Subscription price of the SURVEY OF CURRENT BUSINESS is 31.50 a year, which includes the 12 monthly numbers, the 1932 annual supplement, and the 52 weekly supplements. Single copy price: Monthly, 10 cents; weekly, 5 cents; annual, 40 cents. Foreign subscriptions, 33, including weekly and 1932 annual supplements. Make remittances only to Superintendent of Documents, Washington, D.C., by postal money order, express order, or New York draft. Currency at sender's risk. Postage stamps or foreign money not accepted SUEVEY OF CUKEENT BUSINESS August 1933 Business Indicators 1923-25=100 INDUSTRIAL PRODUCTION INDUSTRIAL PRODUCTION (60 I GO jMANUFAt ZTURES(ADJUSl ED)* rTOTALfiDJUSTED) ^^^MWEffALS (ADJUSTED) 100 1 I 1 40 IIII 11IIII 1 FACTORY EMPLOYMENT AND PAYROLLS CONSTRUCTION CONTRACTS AWARDED I6O 200 UNADJUSTED, PAYROLLS (UNADJUSTED) 100 EMPLOYMENT (ADJUSTED)* 1 I I 11 I I I I 40 TOTAL FREIGHT CAR LOADINGS FREIGHT CAR LOADINGS L.C.L. 160 160 {-UNADJUSTED 100 100 rADJUSTED9 DEPARTMENT STORE SALES WHOLESALE PRICES zoo 160 k UNADJUSTED vC il J? \ ADJUSTED*] sFARMPRODUCTS 100 i 100 ALL COMMODITIES o 1 Mill VALUE OF EXPORTS VALUE OF IMPORTS 200 200 A UNADJUSTED UNADJUSTED 100 100 1 n 111 BANK DEBITS OUTSIDE NEW YORK CITY FEDERAL RESERVE MEMBER BANK LOANS* 200 160 fTOTAL Vs- sUNADJUSTED °tx>ooooooP<\: 100 \ 100 >^ ALL OTHER (COMMERCIAL) X -"^ ^ °oooat3 1 Mill n in li 11 n 111 n|, II1 Mill III III 40 nmlimi 1 111II11II11 1 929 1930 1 931 1 93 2 1 9 33 1 929 1 930 1931 1 932 1 933 * ADJUSTED FOR SEASONAL VARIATION * REPORTING MEMBER BANKS August 1933 SURVEY OF CURRENT BUSINESS Business Situation Summarized TEADY expansion in productive activity con- clined during the first half of July, and signs of revival S tinued through the early part of July, but opera- in this industry are still lacking. The public works tions since have tended to level off. Output for the program, which has not yet been reflected in the con- current month is expected to show a further increase tract figures, appears to be the major source of work over June, in which month the index of industrial pro- for the near future. duction was at the highest point reached since the Indexes of distribution indicate a continuation of the middle of 1930, and was at 89 percent of the 1923-25 lag in consumer purchasing.